A popular wedding venue inside a historic Paterson complex has turned off the lights as The Art Factory appears headed to the auction block.
The Art Factory, which spans about five acres and consists of an 180-year-old historic factory loft campus on Spruce Street in Paterson, suddenly announced the news that they were closing in an Instagram post last week. Besides weddings, the complex had gained notoriety in recent years as a popular spot for film shoots and welcomed high-profile directors like Steven Spielberg.
Billy Procida, the head of the investment group behind The Art Factory, told News 12 New Jersey that he hasn’t been paid on the loan in over a year. Following a bankruptcy filing, the complex is now headed into foreclosure and is likely to be sold at auction.
The Instagram account for The Art Factory has claimed in a series of posts that the lender behind the project has charged them a 24% interest rate that has made the loan unsustainable. But that is of little consolation to brides and grooms scrambling to find alternative accommodations for their upcoming weddings, which have been canceled at the venue this past week.
Per CBS News, other local venues such as The Brownstone and the Great Falls Center have stepped in to accommodate couples who are now left without a venue for their weddings. About 100 weddings booked at The Art Factory won’t be taking place at the property.
It’s anybody’s guess as to what will become of The Art Factory space, but it is located just a short walk from the Paterson Great Falls National Historical Park and several other landmarks in the city.
